Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Champalal Omprakash v. ITO (2024) 159 taxmann.com 1397 / 228 TTJ 513 / 235 DTR 113 /38 NYPTTJ 84 (Kol)(Trib)

S. 147: Reassessment-Objection not disposed by the Assessing Officer-Reassessment is bad in law-Power of enhancement with the CIT(A) cannot cure the defects of non disposal of objection by the Assessing Officer. [S. 148, 251]

ACIT v. Radheshyam Agarwal 2022) 36 NYPTTJ 654 / (2024) 228 TTJ 964 (Raipur)(Trib)

S. 145 : Method of accounting-No defects in the books of account-Estimation of income at 10% of the gross contract receipt is affirmed.[S.145(3)]

Khandelwal Diamonds P. Ltd. v. DCIT (2023) 37 NYPTTJ 1028 ((2024) 228 TTJ 370 / 235 DTR 202 (Jaipur)(Trib)

S. 143(3): Assessment-Rejection of books of account-Bogus purchases-Estimate of profit-Business of purchase, sale, manufacturing and trading of gold jewellery and diamonds-Declared profit of 11.98 percent-Rejection of books of account and estimate of 25% of alleged bogus purchases is deleted.[S. 145(3)]

Royal Twinkle Star Club (P) Ltd. v. DCIT (2023) 152 taxmann.com 374 / 37 NYPTTJ 334 / (2024) 228 TTJ 991 (Mum) (Trib)

S. 115JB : Company-Book profit-Book profit under S. 115JB is to be computed without resorting to computation under S. 14A-Disallowance under S.14A cannot exceed the exempt income. [S. 14A, R.8D]

Accion Africa-Asia Investment Co. v ACIT (IT) (2023) 37 NYPTTJ 1499 (2024) 161 taxmann.com 582 / 228 TTJ 118 / 233 DTR 385 (Delhi)(Trib)

S. 90 :Double taxation relief-Capital gains-Sale of shares-Exempt from tax-DTAA-India-Mauritius.[S.90(2), 90(2A) Art. 13, 27A]

Abu Dhabi Investment Authority v. DCIT (IT) (2024) 160 taxmann.com 104 /228 TTJ 721 /236 DTR 1 / 38 NYPTTJ 227 (Mum)(Trib)

S. 90 : Double taxation relief-Valid registration certificate-Denial of exemption is not justified-DTAA-India-UAE [Art. 24(2)(b)((ii)]

Huhtamaki Foundation v. CIT (E) (2023) 37 NYPTTJ 1626 /(2024) 163 taxmann.com 174 / 228 TTJ 98 / 235 DTR 118 (Mum) (Trib)

S. 80G : Donation-Preservation of environment-Engaged in the recycling of plastic waste-Charitable activity-Entitle to registration under section 80G (5). [S. 11, 12, 80G(5)(ii), Bombay Public Trust Act 1950]

ACIT v. Gaurav Kumar Agrawal (2023) 37 NYPTTJ 1321 / (2024) 168 taxmann.com 260/ 228 TTJ 675 (Raipur)(Trib)

S. 69B : Amounts of investments not fully disclosed in books of account-Search-Gold bullion-Received though will-Deletion of addition by CIT(A) is affirmed. [S. 132(4),153A]

ACIT v. Bhavnaben Bhovanbhai Rangani (Smt) (2023) 37 NYPTTJ 1535 /(2024) 162 taxmann.com 392 / 228 TTJ 21 (Rajkot)(Trib) Maulesh Dayabhai Ukani v. ACIT ((2023) 37 NYPTTJ 1535 /(2024) 162 taxmann.com 392 / 228 TTJ 21 (Rajkot)(Trib)

S. 69B : Amounts of investments not fully disclosed in books of account-Alleged on money-Land-Agreement to sale-Agreement is not acted upon-Opportunity of cross examination is not granted-Addition is deleted-Reassessment-Incorrect facts-Reassessment is quashed. [S. 133A, 147, 148]

ACIT v. Vibgyor Net Connections (2024) 228 TTJ 1 / 234 DTR 257 / 38 NYPTTJ 81 (Chennai) (Trib)

S. 69A : Unexplained money-Undisclosed income-Search-Loose sheets-Dumb documents-On money-No reference of the assesseee in the alleged documents seized-Provisions of S. 132(4A) and 292C cannot be applicable-Addition cannot be made on the basis of suspicion and surmise.[S. 132A, 153A, 292C]